ReliaQuest’s SaaS cybersecurity platform gets $300mn boost
The company’s GreyMatter platform, operating on a software-as-a-service (Saas) basis, integrates and consolidates data from the disparate cybersecurity technologies already in place at a business to increase visibility. It emphasises the inclusion of AI and automation for continuous threat detection and hunting as, as well as attack simulation to measure risk.
Among its customers are organisations such as Abercrombie and Fitch, Boston Celtics and Splunk, with ReliaQuest saying its revenue has grown by over 450% in the last three years.
The company’s first funding round came in 2016, with $30mn in growth equity from FTV Capital. Its , announced earlier this week, saw an investment of $300mn from lead investor Kohlberg Kravis Roberts, alongside Ten Eleven Ventures and ReliaQuest’s founder and CEO Brian Murphy.
In , Murphy said: "ReliaQuest's GreyMatter platform is supported by some of the top security talent in the industry, enabling enterprises to increase visibility across cloud and on-premises technologies, allowing them to reduce risk and compromises. The investment from KKR and Ten Eleven is an important step that allows ReliaQuest to continue to scale globally while innovating and accelerating the development of the GreyMatter platform and follows what was a foundational investment from FTV four years ago.”
ReliaQuest said it would use the funds to accelerate its growth, with plans for both international expansion and the development of its platform.
Ten Eleven General Partner Mark Hatfield said: "In these challenging times, enterprises need powerful, resourceful solutions to manage their cybersecurity operations. ReliaQuest has developed a new approach to this challenge with its GreyMatter platform, giving security teams the 'superpower' to see more, detect and investigate faster, and make better decisions. We look forward to partnering with ReliaQuest as they offer enterprises a new way of obtaining advanced cybersecurity protection."
Report: Financial institutions face cloud-based threats
Over one year into the pandemic, different financial institutions report costly consequences to falling short of protecting their data storage from cloud-based attacks and network disruptions. The report is based on more than 800 responses from IT professionals working in the financial services industry in North America, Latin America, Europe, and the Asia-Pacific region.
- Data breaches are an increasingly significant cost burden for the industry: Worldwide, financial firms that experienced a data breach reported estimated average losses of roughly $4.2 million per attack, with U.S. organisations hit hardest at $4.7 million in estimated losses.
- Network outages also result in costly burdens: Institutions lose an estimated $3.2 million on average with Asia-Pacific followed by European institutions carrying the heaviest losses at $4.3 million and $3.1 million respectively.
- The industry remains a popular target for cloud-based attacks: Over half of all organisations (54%) surveyed suffered a data breach in the last 12 months with 49% plagued by a cloud malware attack as well.
- Cloud and network-based attacks will continue to be a major threat vector: More than 50% of respondents expect to face a combination of IoT attacks, cloud vulnerabilities including misconfigurations, and data manipulation attempts over the next 12 months.
- Threat resolution teams are embracing network visibility for security hygiene: Globally, network monitoring (76%), threat intelligence (64%), and threat hunting (57%) are considered the most effective mitigation tactics against these threats.
Even before the pandemic, tech companies were increasingly seeking moves to the cloud. The COVID-19 crisis has accelerated the adoption of cloud computing by the financial sector as part of its process of digitalisation. As companies transition and move data, there can be a lack of protection due to a number of factors such as undertrained staff and insufficient firewalls.
“The financial services sector has long been a target for bad actors who are following the cyber money trail into the cloud,” said Anthony James, VP of Product Marketing at Infoblox. “As the pandemic pushed IT infrastructures to rely on remote work, cloud-based technologies that enabled digital transformation also created soft spots for cyber criminals to exploit.”
“This report shows us that cloud compromise has become the biggest cybersecurity issue for financial institutions and the investments they are making to protect themselves,” James continued.